This is being discussed in order to boost the growth plans of More amid increased online adoption for grocery and essentials. People aware of the matter told ET that Amazon is working to further integrate More Retail stores with its online grocery offering Amazon Fresh.
It is likely to be a 15 per cent sale to investors,” sources told ET. "There have been discussions about diluting 10-20 per cent in More to attract domestic investors before the planned IPO. The retail chain which was once part of the Aditya Birla Group was acquired by Amazon-Samara in 2019 for an estimated value of $600 million.
The report of stake sale by Amazon and Samara Capital comes 12-18 months ahead of the IPO. Amazon and Samara Capital are looking to sell 20 per cent stake in More Retail ahead of share sale via initial public offering (IPO) for a approximately $2 billion, The Economic Times reported citing sources.Īmazon and Samara Capital have approached family offices and domestic capital investors, The Economic Times reported citing sources.
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